While it is moderately easy to find adverse media coverage about an entity or investigating an entity that has a general ill reputation in the well-known geographies, the scenario changes when you want to associate with entities located in different or foreign geographies.
Similarly, while it might seem easy to verify an entity that boasts goodwill, effective business identity verification procedures could uncover some new and interesting details that the entity might be keeping confidential from public records.
And when you are looking at creating and building a long-term business relationship with an entity, it is absolutely essential for you to ensure that the entity is in good standing with law enforcement and federal agencies, such as the IRS, and federal watchdogs, such as the OFAC.
These regulatory compliance checks allow you to identify, validate, and verify the legitimacy and credibility of a business in real-time.
Before You Skip To Verification Checks…
It is, however, important to note that while these checks are effective and help you arrive at certain decisions, you must not drive your decision-making processes just from the facts uncovered through these verification checks.
Human intellect, intuition, manual verification, and other methods of identity verification must be applied and observed to verify an entity from a holistic perspective. The collective leads of your investigative efforts, which include the real-time reports disclosed through Compliancely, must be used as tools to arrive at an informed decision.
Compliancely’s Real-Time Identity Verification Checks
As you may already know, Compliancely is currently powering businesses like you with 17+ real-time identity checks.
Here’s a list of all the checks that Compliancely offers:
- TIN & Name Match
- OFAC Watch List
- European Sanctions List
- Death Master File
- Specially Designated Nationals
- Politically Exposed People
- IRS Tax-Exempt Org. Search
- Foreign Account Tax Compliance Act (FATCA) List
- Address Validation
- Denied Persons List
- SOS Business Entity Search
- Consolidated Sanctions
- Arms Export Control Act
- Foreign Sanctions Evaders List
- Excluded Parties List System
- List Of Excluded Individuals/Entities
- Designated Foreign Terrorist Organizations
However, your identity verification needs are not constrained here. If you think that a specific database would help you with your due diligence procedures, we can help you scale up your enhanced due diligence efforts by accommodating the specific data lists.
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Identity Verification Complexities That Compliancely Removes With Its Seamless Verification Experiences
Enabling Real-Time Identity Verification
Real-time decisions need real-time results. And Compliancely enables this with its real-time identity verification solutions. You can verify an entity’s legal status or tax compliance status or check the business activity of an entity in real-time.
Real-time means as and when the records are updated in the government databases. Compliancely continuously updates its records in accordance with the records of the relevant federal agencies, allowing you to find real-time results for your identity verification efforts.
For example, if you are searching the TIN and name of a vendor that you plan on onboarding, Compliancely will show you the real-time TIN Match status instantly. This helps in obtaining accurate results for your verification checks, allowing you to make well-informed decisions.
What’s more? When the details of a particular record are changed or updated by the federal agencies, your searched entities will be automatically re-screened by Compliancely to give you the most accurate results.
Enabling Multi-Geography Identity Verification
While it is comparatively easy for you to verify an entity operating in the domestic sphere, the objectives of your verification checks will change when you want to validate a foreign entity.
The federal agencies are constantly monitoring and sanctioning hundreds of entities every month. When you engage with these sanctioned/blocked/restricted entities or individuals, you could be inviting trouble to your doorstep.
With a view to ensure that you are engaging with compliant entities regardless of geographical constraints, Compliancely enables you with OFAC, SDN, DFTO, Excluded Parties List, European Sanctions, and other consolidated checks.
These checks allow you to define and validate the entities for what they really are versus what they claim to be, giving you the room to assess risk, maintain compliance, and secure your business.
Enabling Reliable Checks With Federal Data Lists
What’s more important than the information you receive? It is the legitimacy of the source from which you receive a piece of information. And nobody understands this better than us. Compliancely is authorized and approved by the IRS and other agencies to provide you with real-time identity verification data.
We get this data right from the federal agencies and their affiliated watch lists, taking away the complexities of navigating through millions of records, and giving you exactly what you’re looking for; real-time information from reliable and authorized government databases and data lists.
Enabling Bulk Entity Verification Solutions
There is only one thing more important to man than money and food. And that’s time. Business decisions cannot withstand the frustrations of waiting for the information to arrive. And when you have massive data to validate, manual identity verification efforts can be both tricky and daunting for your internal KYC compliance teams to deal with.
This is why Compliancely offers bulk identity verification solutions, wherein you can identify, validate, and verify 100,000+ entities in less than a few minutes. This removes manual workload on your internal teams and accelerates your KYC processes, and helps you withstand the pressure of verifying data instantly but accurately.
You can further opt to receive auto-generated reports to help you review the overall compliance reports of your searched entries. This allows you to analyze the percentage of entities that meet your KYC requirements.
Enabling Identity Verification API For Scalability
When you have humongous data to verify and find yourself with limited resources and fast-approaching deadlines, the smartest thing you can invest in is Compliancely’s Identity Verification API infrastructure, which allows you to outsource your obtained data lists to our team. We will diligently identify, validate, and verify the records on your behalf with our advanced tech stack.
Similar to the bulk verification reports, you can opt to receive auto-generated reports for your bulk data, helping you analyze and evaluate entities that fit the criteria and meet the KYC compliance regulations.
This is the fastest and the easiest way to overcome an identity verification crisis. We put a smart spin on the exhaustive yet diligent task of verifying an entity or a profile from multiple perspectives in just a few minutes with our AI-driven technology.
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